Skandinaviska Enskilda Banken AB publ Reduces Stake in Jacobs Solutions Inc. (NYSE:J)

Posted by Defense World Staff on Feb 25th, 2023

Skandinaviska Enskilda Banken AB publ cut its stake in shares of Jacobs Solutions Inc. (NYSE:J – Get Rating) by 11.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 688 shares of the company’s stock after selling 90 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Jacobs Solutions were worth $75,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of J. Householder Group Estate & Retirement Specialist LLC bought a new position in Jacobs Solutions during the 3rd quarter valued at about $26,000. CX Institutional purchased a new stake in shares of Jacobs Solutions in the second quarter worth approximately $35,000. First Horizon Advisors Inc. lifted its stake in shares of Jacobs Solutions by 593.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 298 shares of the company’s stock worth $37,000 after acquiring an additional 255 shares during the last quarter. Asset Dedication LLC purchased a new position in Jacobs Solutions during the 3rd quarter valued at $36,000. Finally, SeaCrest Wealth Management LLC bought a new position in Jacobs Solutions in the 2nd quarter valued at $48,000. 85.96% of the stock is owned by institutional investors.

Analysts Set New Price Targets

J has been the subject of several research analyst reports. Credit Suisse Group decreased their target price on Jacobs Solutions from $161.00 to $155.00 in a research report on Wednesday, February 8th. Royal Bank of Canada boosted their price objective on shares of Jacobs Solutions from $150.00 to $151.00 and gave the company an “outperform” rating in a research report on Wednesday, February 8th. Robert W. Baird raised shares of Jacobs Solutions from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $136.00 to $150.00 in a research report on Friday, January 6th. Finally, Bank of America cut Jacobs Solutions from a “buy” rating to a “neutral” rating and set a $137.00 price objective on the stock. in a research note on Friday, January 13th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $150.50.

Jacobs Solutions Price Performance

NYSE J opened at $120.85 on Friday. The company has a market cap of $15.31 billion, a PE ratio of 24.12, a P/E/G ratio of 1.58 and a beta of 0.88. The firm’s 50 day moving average price is $122.45 and its 200-day moving average price is $121.19. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.48 and a current ratio of 1.48. Jacobs Solutions Inc. has a 52-week low of $106.78 and a 52-week high of $150.32.

Jacobs Solutions (NYSE:J – Get Rating) last announced its earnings results on Tuesday, February 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.61 by $0.06. The business had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.66 billion. Jacobs Solutions had a return on equity of 14.84% and a net margin of 4.21%. The business’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.56 EPS. Sell-side analysts forecast that Jacobs Solutions Inc. will post 7.39 EPS for the current fiscal year.

Jacobs Solutions Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 24th. Shareholders of record on Friday, February 24th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.86%. This is a positive change from Jacobs Solutions’s previous quarterly dividend of $0.23. The ex-dividend date is Thursday, February 23rd. Jacobs Solutions’s dividend payout ratio is presently 18.36%.

Jacobs Solutions announced that its board has approved a stock buyback program on Wednesday, January 25th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity

In related news, CEO Steven J. Demetriou sold 6,666 shares of the business’s stock in a transaction that occurred on Tuesday, January 17th. The shares were sold at an average price of $125.95, for a total transaction of $839,582.70. Following the completion of the transaction, the chief executive officer now owns 627,954 shares in the company, valued at approximately $79,090,806.30. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Steven J. Demetriou sold 6,666 shares of the company’s stock in a transaction dated Tuesday, January 17th. The stock was sold at an average price of $125.95, for a total transaction of $839,582.70. Following the transaction, the chief executive officer now directly owns 627,954 shares of the company’s stock, valued at approximately $79,090,806.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Christopher M.T. Thompson sold 4,000 shares of the firm’s stock in a transaction dated Monday, November 28th. The stock was sold at an average price of $122.70, for a total value of $490,800.00. Following the completion of the sale, the director now directly owns 33,123 shares of the company’s stock, valued at approximately $4,064,192.10. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,832 shares of company stock worth $2,561,975. Corporate insiders own 1.00% of the company’s stock.

About Jacobs Solutions

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Jacobs Solutions, Inc is a holding company, which engages in the designing and deployment of technology-centric solutions. It operates through the following business segments: Critical Mission Solutions, People and Places Solutions, and PA Consulting. The Critical Mission Solutions segment offer broad sectors, including U.S.